Getting back to the very basics of EW, there are 2 types of waves. Motive, and corrective. After getting away from the charts for a day to take 3 flights up to Green Bay, I just opened TOS and pulled up the PA chart at the hotel. It's actually kind of silly to think the price action since May is anything other than corrective. Slow, choppy, overlapping, slop and chop. Unless I am missing a bullish count in all those 3's somewhere this market is going to tank. Luckily I hooked up to the internet in a couple airports along the way and was able to raise stops on PAL and SWC and was stopped out in the air at yesterday's highs. Good, time to focus on the short side and a low risk entry. If I'm wrong, at least I made the trade with the odds in my favor which is all EW can do for you anyway.
Also, check out the PL chart, basically the same count along with the gift of a ED right where it's supposed to be. NICE!!
6 comments:
I've seen your posts on Daneric and like the WXY Minor 2 count. I'm thinking v of C of Y stared this morning and will chop upward most of next week. Thanks for posting your thoughts
forgot to mention that the EWI "flash" trade guy is short the ES now and I think he has been in a slump for over a year now.
http://www.elliottwave.com/products/flash/high_probability_trading_alerts/default.aspx?code=tcg
Repo,I will be following Palladium now. There is an article according to which supply is limited and so prices will go up:
http://seekingalpha.com/article/225803-palladium-in-play-demand-up-supply-down?source=dashboard_macro-view
If they are right about fundamentals, then it will be interesting to watch if TA/EWT or fundamental analysis wins.
Indeed. Stochastics show extreme overought conditions. RSI suggesting overbought levels. But MACD not quite ready to turn down. Interesting stuff. Good luck Repo.
Did you place your bet yet?
If so what puts did you buy?
Good luck on the trade.
If I follow your move and we win against the house I'll be sure to leave a generous tip per Vegas etiquette :)
Just got back into town from a week in Green Bay. Haven't made a trade yet, looking to in the next couple days when I get my stuff together.
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